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Boards of directors have potentially all power, they just need to exercise it. It's economically sensible for shareholders to allow managers all corporate power as long as managers are heavily 'incentivized' to pursue shareholder profit uber alles (even though that approach to corporate goals is sociopathic and usually economically irrational). But, for any of the other stakeholders I mentioned, that approach toward latent/actual corporate power is irrational; it would not stand if most board of directors' power were in the hands of non-shareholders.

fairleft
by fairleft (fairleftatyahoodotcom) on Mon May 24th, 2010 at 04:49:11 PM EST
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